Mar 31, 2014
Note 1: Corporate Information
The company having registered office at Mumbai is engaged in the business of trading of Iron & Steel, but it has not done any business during the year.
2. OTHER NOTES:- Note 2.1: Segmenting Reporting
The company has handling charges only in Kolkata as other income and no operational revenue during the year. Hence the Company has no Business & Geographical Segment during the year. As required by AS-17.
Note 2.2: Related Party Disclosure
There are no transactions with related parties during the year.
Note 2.3: Sundry Debtors/ Creditors Balances
Balances shown under Sundry Debtors, Advances, some of the Sundry Creditors are subject to confirmation/ reconciliation and consequential adjustment, if any. However the company has been sending letters for confirmation to theses parties. In our opinion of management, the value of sundry debtors, advances, sundry creditors on realization/ payment in the ordinary course of business, will not be less/ more than the value at which these balances are stated in the Balance Sheet.
Advances & Deposits amounting to Rs. 13,59,752.31/- in Note 3 is explained by the management to be long pending advances, hence no interest is considered.
Regarding tax deducted at source, concept of materiality and General Auditing Practice, verbal declaration by the management has been adopted.
All the known liabilities have been provided for and there are no contingent liability during the year.
The directors have waived the sitting fees for the meetings attended by them during the year.
Note 2.8: Micro, Small and Medium Enterprises Development Act, 2006
The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act , 2006 and hence disclosure relating to amount unpaid as at year end together with interest paid or payable under this act has not been given.
Mar 31, 2010
1.1. All the current assets, loans and advances have a value, on realization at least equal to the amount, at which they are stated in the accounts.
1.2. All the known liabilities have been provided for and there are no contingent liabilities during the year.
1.3. Depreciation on fixed assets have been provided during the year on straight line method at the rate prescribed under schedule XIV of the companies Act 1956.
1.4. Due to / from small scale industries more than Rs.1 lac. Nil.
1.5. Balance with sundry debtors, creditors are subject to confirmation from the respective parties and consequential / adjustments arising there form, if any.
2.6. In absence of virtual certainty of sufficient taxable income, net deferred tax assets has not been recognized by way of prudence in accordance with Accounting Standard (AS) 22 "Accounting for taxes on Income" issued by the Institute of Chartered Accountants of India.
1.7. Segmental Reporting
The Company is engaged in selling of Iron & Steel products only. Hence, the company has no Business & Geogrphical Segment during the year.
1.8. RelatedParty Disclosure :
There is no related party transaction during the year.
1.9 Previous year figures have been regrouped and / or rearranged wherever considere necessary